Mr. Punit Oza: linkedin.com/in/punit-oza-fics-llb-m-sc-6149893
Introduction and Background
Ryan: Can you provide a brief introduction to your maritime career journey, highlighting key milestones and influences that have shaped your expertise in the dry bulk market?
Punit: I came into the Maritime Industry through a recommendation from my uncle, who heads the Sharaf Group's business in India - Samsara Group.
In 1992, I studied and passed my Institute of Chartered Shipbrokers in London and started my first job in Precious Shipping in Bangkok in 1993. I worked in the operations department for 4 years and then went back to London in 1997 to pursue my Master's in Shipping Trade and Finance at CASS (now BAYES) Business School in London. Since completing it in 1998, I have worked with ship owners, operators, brokers & commodity houses in Dubai, Bangkok, Hong Kong and of course, Singapore.
Pradeep Rajan, Senior Managing Editor at S&P Global Platts (Left), Punit Oza, General Manager at Klaveness Asia (Right), 2 Oct 2018 (Photo Credit: S&P Global)
I joined Klaveness in Singapore in 2006 and essayed many roles - both commercial as well as transformational. In 2009, I also enrolled to do my LLB from University of London and completed it in 2012, studying alongside my job. In 2017, I moved within Klaveness to head their digital transformation to Klaveness Dry Bulk - a task which I thoroughly enjoyed. I moved into a board role with Klaveness in 2020 and also joined Singapore Chamber of Maritime Arbitration (SCMA) heading it for 2 years.
I founded Maritime NXT in 2023 to drive the "next" in maritime through consultancy, advising, teaching as well as investing in the next generation of Maritime talent and supporting the Oza Family-Maritime One Scholarship, which not only financially sponsors but also actively mentors Maritime Scholars in Singapore. The mentorship is a direct tribute to the amazing mentors like Khalid & Munir Hashim from Precious, Harry Banga from Noble, Henry Mytton Mills from Aries and Trond Klaveness, Niels Josefsen and Lasse Kristoffersen from Klaveness.
I consider myself the custodian of the knowledge gained from them and I now add my own experience and pass it to the next generation.
Dry Bulk Market Insights
Ryan: From your perspective, what are the current trends and challenges in the global dry bulk market, and how do they impact the maritime industry at large?
Punit: The Dry Bulk Market may well be on the cusp of a "perfect storm". With interest rates peaking, inflation coming under control & global growth prospects looking good, the demand side looks promising while the supply side looks very tight. Ageing dry bulk fleets, very little ordering of new ships due to multiple factors and speed reductions to comply with regulations means that the supply side is going to be tight for the foreseeable future. This can create a dry bulk boom and may well be useful in funding the digitalization and decarbonization efforts.
(Photo: Shutterstock.com)
Navigating Market Volatility
Ryan: Given the inherent volatility in the dry bulk market, what strategies do you recommend for industry professionals to effectively navigate market fluctuations?
Punit: My advice is to keep a close watch on the supply side - especially as data is readily available on the average speed of ships as well as the congestion. Use Data wisely and smartly. While it is good to keep an eye on demand, there is little we can do to control it or manage it.
Finally, try and read behind geopolitical headlines to forecast trade flows, as they offer a unique opportunity to profit & extract value.
Sustainability and Environmental Initiatives
Ryan: With increasing emphasis on sustainability and environmental responsibility, how is the dry bulk sector adapting, and what innovations are you seeing in this space?
Punit: I strongly believe that any aspect, including Sustainability, goes through 3 phases.
The 1st phase is Awareness. There are a lot of innovations which are bringing greater awareness in the industry about sustainability and decarbonization, including measuring the emissions.
The 2nd phase is Assessment. Again, there are lots of innovations which provide better optimization, voyage selection & weather routing in order to become more sustainable.
The final phase is Action. This is now up to each player to execute on their own, but organizations like MPA, SSA and others are helping share some of the best practices which can guide the players.
(Photo: EGN Singapore)
I am fortunate to be involved in multiple innovation discussions through my role as an investor and advisor to Motion Ventures, a VC fund focused on Maritime Startups.
Career Advice for Aspiring Maritime Professionals
Ryan: What advice would you offer to young professionals aspiring to build a successful career in the maritime industry, particularly those interested in the dry bulk sector?
Punit: In order to succeed in any industry, one needs to develop passion for the job one does and the industry one works in. This passion becomes deeper when it is accompanied by pride in working in the industry. Every maritime professional should be proud of working in this industry as we are a true lifeline industry directly touching lives of all - we transport grain that feeds all of you, energy that lights up our homes and offices and even the consumer goods in our lives that we order from all around the world.
Another key success factor would be actively seeking and learning from a mentor. Remain curious and keep learning. Also remember that demand for shipping comes from all that you see around you, everything that you and others are consuming, so be mindful of that and think about maritime implications of all these developments around you. Have an analytical mindset.
Leadership and Industry Involvement
Ryan: You are actively involved in industry organizations like the Institute of Chartered Shipbrokers (ICS). How has such involvement contributed to your career, and what role can professional organizations play in fostering industry growth?
Punit: Commercial Shipping is one of those professions which does not have any mandatory qualifications to enter and practice, and does not have any formal Continuous Professional Development (CPD). A globally recognized professional qualification like ICS provides a solid knowledge foundation and opportunities to network with industry leaders and peers as well as upgrade your knowledge and contribute to giving back to this industry.
Mr. Punit Oza announcing the branch's newsletter during the opening remarks, 27 Feb 2017 (Photo: Institute of Chartered Shipbrokers)
I am the Vice Chairman of the ICS Singapore Branch and also a tutor for Dry Cargo Chartering and Shipping Business. The ICS is a great forum to network, learn, share, contribute & grow in this industry. I also recommend looking at all other professional bodies like the Nautical Institute etc.
Global Trade and Supply Chain Challenges
Ryan: How do geopolitical factors and global supply chain challenges impact the dry bulk shipping industry, and what strategies can professionals employ to mitigate these risks?
Punit: Geopolitics is at the center of all the maritime developments. They affect maritime in 6 different ways.
Firstly, barriers to trade such as tariffs and conversely Free Trade Agreements create or destroy trade flows.
Secondly, critical pathways - either blockage of them such as the Suez Canal closure or opening of new ones like the New Panama Canal or the Northern Artic Route also impacts maritime trade.
Thirdly, demographic changes & purchasing power impacts maritime trade flows.
Fourthly, the economic & political dominance of countries such as US, China & now India, has a huge impact on who trades what with whom.
Fifthly, new alliances such as QUAD, BRICS+ and AUKUS are also influencing global trade flows.
And finally, technological developments such as Electric Cars & Meat Substitutes are going to have significant impact on the maritime trade flows.
In order to manage these changes & risks, there is a four fold approach - Updated Knowledge & Awareness, Using Data & Analytics to predict trade flows, Using Technology to validate those predictions & mitigate risks and finally, Ensuring Watertight contracts using clear & standard clauses to mitigate risks.
In Converstion - Geopolitics and Trade, with Punit Oza: https://www.seatrade-maritime.com/regulation/podcast-geopolitics-and-trade-punit-oza-maritime-nxt (Photo: Seatrade Maritime News)
My expertise has developed on this subject as I teach a course on this topic at Singapore Management University and have also launched a monthly podcast - Chat about Geopolitics & Trade (My ChatGPT) - with Seatrade Maritime Podcast. So do listen in.
Digitalization and Technological Advancements
Ryan: The maritime industry is witnessing digital transformation. Can you share insights into how technology is revolutionizing the dry bulk sector, and what opportunities it presents?
Punit: Technology is a fantastic support & facilitator to bring sustainable changes in this fairly "old-school" industry. With my experience in transforming Klaveness Dry Bulk, I have seen amazing systems & programs which can help in decision making using objective data models. Video based training is also a great way to get knowledge "when you need it and how you need it."
Digitalization will never replace humans, but it will enhance the efficiency of the human workforce & create new roles & redefine current ones. Eventually, the technology employed on ships and on shore will need to seamlessly communicate not only with each other but with all the stakeholders across the supply chain. The potential is immense.
Closing Thoughts:
Ryan: Is there any additional advice, trends, or insights you'd like to share with our global maritime audience, especially those interested in the dry bulk market?
Punit: I think each and every industry professional has the responsibility to become the brand ambassador for this amazing industry and how it contributes to the whole world. This slogan of "No Shipping, No Shopping" is not just a banner but a fact of life.
Punit Oza on Maritime NXT, 6 April 2023 (Photo: Splash 24/7)
We need the best talent for the industry to thrive and this requires the industry to get a huge positive image boost and all of us have the collective responsibility to deliver that.
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